Ann: Major EM Targets Identified and Mulga Tank Ni-Cu-PGE Project, page-4

With cash supporting half of a very small market cap there doesn't seem to be much downside. On the upside if any one of the conductors gives a decent nickel sulphide hit this this is going to fly given the small number of shares on issue (40 million). If not then further work will be required to vector to better mineralisation thicknesses and grades.

I think the Mulga Tank dunite intrusion and the Minigwal greenstone belt are certainly worthy of further detailed exploration. I like that WMG has decided to use MLEM over the entire 28sq km dunite intrusion. There is enough from old drilling to suggest that Ni-Cu-PGE are present at economic grades. We don't know if there are economic tonnages at these grades. Using geophysics to better target these possible sulphides means that at least the best target should get drilled. The basal contact of the dunite provides a target over 12km strike so anything is possible. Interesting.